Vice President (VP), Marketing & Business Development Salary
Wages for VPs of Marketing & Business Development in the United States are generous, with average pay above six figures ($120K) per year. Overall cash earnings for VPs of Marketing & Business Development stretch from $66K on the lower end to $217K near the top, and the heftiest packages can encompass around $51K from bonuses and $15K from profit sharing. Residence and years of experience each impact pay for this group, with the former having the largest influence. Men working as VPs of Marketing & Business Development who took the survey just slightly outnumber women at 56 percent. Job satisfaction is high and work is enjoyable for most VPs of Marketing & Business Development. A large number report receiving medical coverage from their employers and a fair number collect dental insurance. The information for this snapshot was generated by responses to the PayScale salary survey.
Job Description for Vice President (VP), Marketing & Business Development
Vice presidents for marketing and business development serve as leaders in developing business and marketing opportunities for their organization. They help develop new products, work in planning and execution of sales, and ensure development and revenue benchmarks are met. They must develop strategies to build their company's customer base, identify potential partners, and implement strategies to achieve the company’s goals. These vice presidents also serve as a primary contact for the company and clients,Read More...
The majority of the vice president's time is spent in an office environment, with substantial travel possible for meetings, presentations, and personal discussion with prospective clients and partners. This is a full-time position, although substantial overtime may be required depending on the business' needs. Senior vice presidents of marketing and business development generally report to the president of the company or another top-level executive; the vice president typically works closely with the president on high-level decision-making.
Vice president of marketing and business development positions typically require at least a bachelor’s degree in a related field, along with at least five to 10 years of relevant experience. Vice presidents of marketing and business development must have excellent interpersonal skills, good business judgment, high oral and written communication skills, and excellent strategy development abilities.
Vice President (VP), Marketing & Business Development Tasks
- Plan, direct and set the strategic direction of marketing and business development initiatives within an organization.
- Develop pricing strategies and media relations plan, balancing firm objectives and customer satisfaction.
- Research and analyze target markets to develop strategic and tactical plans to grow the business.
- Oversee staff operations, business planning and budget development.
- Develop and maintain relationships with decision makers of new and existing clients, and media outlets.
Vice President (VP), Marketing & Business Development Job Listings
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Popular Skills for Vice President (VP), Marketing & Business Development
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Customer Relationship Management, Business Development, Product Development, and New Business Development are correlated to pay that is above average. Those listing Product Marketing as a skill should be prepared for drastically lower pay. Marketing Management and Strategic Sales also typically command lower compensation. The majority of those who know New Business Development also know Product Marketing.
Pay by Experience Level for Vice President (VP), Marketing & Business Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
VPs of Marketing & Business Development generally obtain higher compensation for more plentiful past experience. Folks with fewer than five years of experience take home $76K on average, and those who have worked for five to 10 years see a bigger median salary of $95K. Experienced professionals who have spent one to two decades on the job can score lucrative paychecks that average out to $137K. VPs of Marketing & Business Development who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $153K.
Pay Difference by Location
Home to some of the best pay for VPs of Marketing & Business Development, New York offers exceptional salaries, 53 percent above the national average. VPs of Marketing & Business Development will also find cushy salaries in Los Angeles (+38 percent), Atlanta (+21 percent), San Diego (+20 percent), and Boston (+19 percent). Location significantly influences compensation, with Dallas VPs of Marketing & Business Development earning much less — 45 percent less — than the national average. Not at the bottom but still paying below the median are employers in Denver and Chicago (31 percent lower and 29 percent lower, respectively).